Allianz posts better-than-expected 22% increase in Q1 net profit

FRANKFURT (Reuters) - Germany's Allianz posted a better-than-expected 22% rise in first-quarter net profit, helped by strength in its property and casualty insurance business, the company said on Wednesday.

Net profit attributable to shareholders of 2.475 billion euros ($2.68 billion) in the three months through March compares with profit of 2.032 billion euros a year earlier. The figure surpassed a 2.353 billion euro consensus forecast.

Allianz confirmed its aim of 2024 operating profit of between 13.8 billion euros and 15.8 billion euros.

It said its property-casualty business benefited from higher prices, relatively benign claims from natural catastrophes and higher investment income.

($1 = 0.9241 euros)

(Reporting by Tom Sims and Alexander Huebner, Editing by Rachel More)

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